STRATEGY

Unilever and SAP use blockchain tech to track ethical palm oil

Consumer goods giant Unilever is to pilot putting palm oil on the blockchain to enhance the traceability and transparency of its global supply chain. Unilever announced its partnership with German software firm SAP to undertake a pilot of the GreenToken by SAP solution. The use of blockchain technology aims to limit the risk of raw materials being mixed with identical raw materials from verified and non-verified sustainable sources after the ‘first mile’ of the supply chain, causing origin information to be hidden or lost. The pilot follows a successful proof of concept programme in Indonesia, where Unilever applied GreenToken to source more than 188,000 tons of oil palm fruit. The solution creates tokens that capture unique attributes linked to the oil’s origin and map its flow throughout the supply chain. (Business Green)*

COLLABORATION

MAS, CDP launch sustainability data disclosure collaboration

The Monetary Authority of Singapore (MAS), the central bank of Singapore, and environmental disclosure platform CDP have announced a new collaboration to promote sustainability disclosures and improve access to ESG data. The collaboration aims to help financial institutions and corporates to better measure and monitor their ESG performance through access to transparent and trusted ESG data. The initiative is being conducted under MAS’ Project Greenprint, which the authority launched in 2020 to mobilise capital for green and sustainable finance by harnessing technology and data. The partnership will see MAS and CDP explore the exchange of information between CDP’s disclosure system and MAS’ Project Greenprint, and aims to implement capacity-building programmes on climate disclosures for corporates and financial institutions. (ESGToday)

TECHNOLOGY & INNOVATION

Occidental signs four-year deal with Airbus on carbon credits

Hydrocarbon company Occidental Petroleum has announced plans to sell emissions-offsetting carbon credits to aerospace company Airbus. The jet-manufacturer has pre-purchased the capture and permanent sequestration of 100,000 tonnes of CO2 from the atmosphere each year for four years, with an option to secure more volume in the future. Through support of the deal, Occidental will sequester these emissions following the construction of the world’s largest direct air capture (DAC) facility to be built in the Permian Basin in late 2022. The plant is expected to have a carbon removal capacity 100 times bigger than all 19 DAC plants currently operating worldwide combined. Occidental’s DAC facility has the goal of removing 1 million tonnes of CO2 from the atmosphere annually, equivalent to the emissions of almost 200,000 cars. (Reuters)

TAX

British businesses urge introduction of carbon tariff on imports

British manufacturers of low-carbon goods are calling for the UK Government to introduce a carbon tariff on high-carbon imports to protect the competitiveness of the low-carbon industry. A report by sustainable private-sector coalition Aldersgate Group calls for tangible plans for a Carbon Border Adjustment Mechanism, which would require importers to pay for the carbon generated in the manufacture of products to the level required if they produced goods in the UK. The report notes that automotive and building industries are finding it hard to electrify and source alternative fuels and are concerned about being undercut on price by cheap high-carbon imports. The call comes shortly after the EU agreed to introduce the world’s first carbon border tariff for the bloc in 2026, and asks for the government to align with the EU’s approach. (edie)

POLICY & RESEARCH

One third of US firms losing business due to climate response

One-third of US businesses are losing employees, sales and investment opportunities by failing to adequately address the climate crisis, according to a study conducted by clean technology manufacturer NEXT Energy Technologies. The survey of over 200 cross-industry senior managers, executives and C-suite decision-makers from US businesses, found that 33% of respondents had reported losing business to competitors due to inadequate strategies and tangible actions to respond to the climate crisis. Some also reported losing employees, sales and investments. However, 80% of respondents reported that their business was being more proactive regarding the environment, with personal interest in climate progress (49%), access to new environmental-focused markets (34%) and PR/company image goals (32%) listed as the main drivers for action. (edie)

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